A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam . Squid, which marketed itself as a “play-to-earn cryptocurrency”, had seen its price soar in recent days – surging by thousands of per cent.
Read moreHow much is a Rugpull Squid Game?
The cryptocurrency Squid Game (SQUID) immensely collapsed in price. The developers appear to have created a scam, cashing in on more than $3 million . The creators of the Squid Game crypto are sitting pretty following a “rug pull” scam that took profits from tricked investors.
Read moreWhat is the Crypto on squid games?
The cryptocurrency, called Squid , began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.
Read moreHow do you stop a rug from pulling?
To ensure you don’t fall victim to a rug pull, check the liquidity in a pool . However, this is only the first step. You must also check if there is a lock on the token’s pool. Most reputable projects lock pooled liquidity for a certain period.
Read moreWhat is a rug pull?
A rug pull is where fraudsters hype up a non-fungible token (NFT) project using social media, only to make away with the money once users put their money into the project .
Read moreHow long does a rug pull take?
Another major characteristic of a possible rug pull is a coin skyrocketing in price within hours. For example, a rug pull coin can move from 0 to 50X within 24 hours . This trick is meant to drive FOMO that leads more people to invest in the token.
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